Temasek’s Fullerton to tokenize private equity fund on ADDX

A rendering of blockchain technology. Photo by Shubham Dhage on UnsplashA rendering of blockchain technology. Photo by Shubham Dhage on Unsplash

Temasek subsidiary Fullerton Fund Management plans to list a tokenized version of a private equity fund-of-funds on ADDX.

The Fullerton Optimised Alpha Fund will be tokenized and listed on Singapore Exchange (SGX)-backed private market exchange ADDX, according to a press release Wednesday. The fund is a private equity fund-of-funds from Fullerton Fund Management, which is a subsidiary of Singapore state-owned investment company Temasek Holdings, the release said.

Accredited investors on ADDX can access the fund with a minimum US$10,000 investment, instead of the usual US$250,000 needed via traditional channels, the release said; quarterly gated redemptions are available to investors. The exchange’s platform automates processes for issuance, custody and distribution for private market products, using blockchain and smart-contract technology.


Mark Yuen, chief business development officer at Fullerton, said the ADDX platform allows his company to provide wider access and a broader base of investors for its funds.

The Fullerton Optimised Alpha Fund will invest in six to eight private equity and private credit funds, with a focus on blue-chip managers who have a proven track record, the release said, adding the assets will be geographically diversified across North America, Europe and Asia as well as by a range of themes. The themes will include new economy, Covid-recovery and ESG (environment, social and governance). The fund is a closed-end fund targeting returns of 8 percent to 12 percent a year over its seven-year life, the release said.

Since being licensed by the Monetary Authority of Singapore (MAS) as a private market exchange in early 2020, ADDX has listed 30 deals on the platform, the release said. The deals have included Hamilton Lane, Investcorp, UOB, CGS-CIMB and entities owned by Temasek, such as Mapletree, Azalea and SeaTown. ADDX hosts asset classes including private equity, venture capital, private debt, real estate, hedge funds, cryptocurrency-exposed funds and structured products, the release said.

The exchange, which is owned and operated by ICHX Tech, raised $50 million in a series A round at the beginning of 2021. Its investors include SGX, Temasek subsidiary Heliconia Capital, and Japanese investors JIC Venture Growth Investments (JIC-VGI) and the Development Bank of Japan (DBJ). Other shareholders include South Korea’s Hanwha Asset Management, Japan’s Tokai Tokyo Financial Holdings and Thailand’s Kiatnakin Phatra Financial Group.

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